Voluntarily returning my car whilst still under finance to Welcome finance

[jellytotters]

Hi all, a quick question is it true that a car purchased from Welcome Car finance can be voluntarily returned either half way through the agreement or when half the finance is paid? I have no defaults with the company, it's just that i'm paying far to much for not a very good service! I only ask as someone mentioned it to me earlier but didn't get the full information I propbably need.

Thnks

G

[aj84]

Not sure so don't take what I say with too much thought however, I think this is correct
However, you would need to look at your finance forms. There is usually a section (atleast there was with mine) where you have a figure of where you can just hand the car back

It takes into account interest etc

[Caroline79]

Hi,

If you still have your finance documents there should be a section givin you info on your right to terminate the agreement, it normally gives you the figure which needs to be paid, generally it is the half way stage. I used to work in admin of the motor trade and all of the finance docs I saw had this. I handed my car back half way through an agreement with 1st National Motor Finance and my brother has just done so with Black Horse.

Hope this helps.

[jules79uk]

Any car purchased under Hire contract can be given back 1/2 way through its agreement it is to protect the consumer or the creditor depending on how you look at this. Basically the Credit Company can take the vehicle from you 1/2 way through your term if they believe that said vehcile is actually worth more than the outstanding balance this never happens, however the flip side is that you can return vehicle, as in most cases the O/S balance you owe is actually alot more than said vechicle's actual value and is your consumer right under the hire purchase agreement, as i'm led to believe.

[jellytotters]

Thanks for the info

One more quick question, what should I be looking for to see if I have a HP agreement? I have T's&C'S on the back of 100+ check point thingy, what should the paragraph etc etc say?

[martin2006]

I think its a section headed "Your rights to terminate this agreement" It should then give details of "blah blah if u have paid at least one half of this agreement you may return the vehicle and will have nothing more to pay providing it has been kept in good condition, blah blah"

[robuck]

YES.. if you have a normal Hire Purchase agreement, you can Voluntary Terminate your agreement.

You need to have paid half the TOTAL payable. i would say the best bet is to ring the finance company and ask them if you can VT your agreement.

There will be certain terms for the conditon of the vehicle ( ie MOT, service history) so you are best speaking to them.

I doubt the T+C's for the credit agreement will be on the back of the 1000+ check list, it might just be the T+C for the warranty?

[The Large Portion]

If you voluntarily hand back your vehicle half way though, does this impact your credit record in any way?

[buffyoo7]

hi
we vt our car with welcome no defaults before paid half
some time after get a default notice no mention of vt
and then court papers from solicitor
have a look at our thread court order welcome fianance
buffy

[aj84]

as far as I know, and I'm 99% sure of this because I think we did this to one of our first cars on finance when we decided we wanted to change but didnt want the hassle of keeping the (at the time) current one, that it does >not< affect th credit

As long as you kept up with your payments, its something you're allowed to do and as far as the parties concerned, the agreement has been settled with no outstanding payment.

Someone will correct me if I am wrong though

[Us versus Debt]

you should also visit Car Credit Complaints They know welcome very well and can give you more details on how to VT correctly as its easy to get things dreadfully wrong with welcome and end up getting stitched for a big sum of money

[hankster123]

Hi there. Welcome Car Finance took my car yesterday (well a courrier took it to an auction house in Liverpool), all has gone well and happened reasonably quickly, I V.T'd the car 9 months early and i know i owe the payments up until the two year point, they told me to go to my Welcome office and set up an agreement to pay off the outstanding balance, what I would like to know is if they will then charge me interest again, bearing in mind that I have already been charged interest, also they have charged me an additional £270.00 for things that the RAC picked up on (ie a couple of scratches, small dint and a valet), but the courier told me he would be taking it direct to the auction and it would be sold as it stood, without any of the work which i am being charged for done to the car, is this allowed, what can i do?? Any help/advice would be much appreciated, Many Thanks

[bankrupt idiot]

Originally Posted by jules79uk

Any car purchased under Hire contract can be given back 1/2 way through its agreement it is to protect the consumer or the creditor depending on how you look at this. Basically the Credit Company can take the vehicle from you 1/2 way through your term if they believe that said vehcile is actually worth more than the outstanding balance this never happens, however the flip side is that you can return vehicle, as in most cases the O/S balance you owe is actually alot more than said vechicle's actual value and is your consumer right under the hire purchase agreement, as i'm led to believe.

Actually they can't take the vehicle from you after you have paid 1/3, unless

1. You have missed payments and.
2. A court has authorised them to do so.

[robuck]

Originally Posted by bankrupt idiot

Actually they can't take the vehicle from you after you have paid 1/3, unless

1. You have missed payments and.
2. A court has authorised them to do so.

We are discussing VT's here matey...

Under a Hire Purchase agreement, you can voluntary Terminate your agreement at any time by

1) Paying half the TOTAL outstanding balance ( not taking into account Insurances and warrranty's)

2) Agreeing to be liable for the remaining payments up to thehalf way mark. - This means you will have to hand the car bck, but still pay the normal instalments up to the amount you are liable for otherwise you will end up defaulting on your agreement and getting a default on your credit rating..

Originally Posted by hankster123

the courier told me he would be taking it direct to the auction and it would be sold as it stood, without any of the work which i am being charged for done to the car, is this allowed

Short answer is yes...... You are being charged for the depreciation of the cars value due to the 'faults' with the car.

Say a car is wroth £5000.. there are £500 worth of 'faults; with it, you either pay them £500 and they get it fixed and sell it for £5000 or you pay the £500 and they sell it for £4500... total money recived for the car =£5000!

and yes... i do this for a living!